Obama Debt Relief Act
Posted on
November 17, 2009
at
2:08 am
It's about credit cards right? That Obama debt relief act? Can you guys elaborate on it, thanks!
Posted on
November 17, 2009
at
2:12 am
That Obama debt relief act? Can you guys elaborate on it--Hi, yes it's about credit card companies - And it's called the Credit Card Accountability, Responsibility and Disclosure Act of 2009 which is going to take effect February 2010, the soonest.
Posted on
November 17, 2009
at
2:14 am
That Obama debt relief act? Can you guys elaborate on it, thanks! To expound on the previous post, the following rules are going to be imposed on credit card companies when the Credit Card Accountability, Responsibility and Disclosure Act takes effect: -Interest rates: If the consumer's payment is 60 days late, the credit card company can increase the rate.-Penalty fees: Unless the consumer has asked for an over-limit fee, the creditors can't charge the consumer for it. Banks may not charge late fees if they were also late in crediting a payment.-College students: Credit card companies may not market to people under the age of 21, without parental permission, or verification of their ability to pay.
Posted on
November 17, 2009
at
2:21 am
It's about credit cards right? That Obama debt relief act? Can you guys elaborate on it, thanks!There's another one, it's called the “Mortgage Rescue”, “Homeowner Affordability and Stability Plan", “Homeowner Bailout” ...but the official program name is now the “Making Home Affordable” (MHA) program.Under the Home Affordable Refinance program, many ... will now be eligible to refinance their loan to take advantage of today’s lower mortgage rates or to refinance an adjustable-rate mortgage into a more stable mortgage, such as a 30-year fixed rate loan.You may want to read more on it here: http://www.financialstability.gov/And there's also talks of a home affordable modification program....to help the consumers avoid foreclosure by reducing their monthly mortgage payments.
Posted on
November 17, 2009
at
2:23 am
Oh that was quick, thanks but I'm interested in my credit card debts, I think I have over $30,000 -- I'm still current but the longer this takes to pay, the sooner I'm going to not afford the monthly. I was hoping that the Obama debt relief act would be of help. I'm sadly mistaken.
Posted on
November 17, 2009
at
2:33 am
Hey you know what? You don't need that Obama debt relief act to help you get out of debt. You might want to try out debt settlement instead. A $30,000 amount qualifies for the program but your accounts must be past due -- otherwise your creditors would not negotiate with the settlement company.
Posted on
November 17, 2009
at
2:34 am
Oh I've heard of that debt settlement and credit counseling and debt relief? What would the differences be?Why did you say debt settlement instead of the other two?
Posted on
November 17, 2009
at
2:39 am
Debt settlement is a program that aims to reduce your balance to more or less half. For you to qualify into the program you'd have to have a debt amount of $10,000 or more and your accounts must be past due -- meaning, your account was already passed on to a collection agency.Credit counseling on the other hand is for balances below $10,000 and accounts current. It's program is called Debt Management Plan - which focuses on lowering the interest rates instead of the principle amount.
Posted on
November 17, 2009
at
2:41 am
Debt settlement instead of Obama debt relief actIf you are wondering how much debt settlement is going to cost you - Debt settlement companies would charge 15% of your total debt amount -spread over 18 months or they will take between 20-25% of the settlement amount.
Posted on
November 17, 2009
at
2:45 am
Debt settlement instead of Obama debt relief actJust to add to that, if you owe $10,000 for example, your monthly payment will be about $150.00/month. If you owe $20,000, your monthly payment would be about $300.00/month. If you owe 30,000, your monthly payment is $450/monthThat's a lot of difference from if you're paying your original minimum credit card payment of $800/month on a $10,000 debt.
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